Looking back to 2017 where Northern Star Resources appointed Bill Beament from Chief Executive to Executive Chairman, eyebrows were raised.
Particularly from proxy advisers who believe Executive Chairpeople should be independent of management and have not held an executive role in the company.
Well, this was not the case for Mr Beament who appeared to have slipped into the Executive Chairman’s shoes with relative ease.
Unfair? Unjust? Or just plain brash from Bill Beament.
As an industry “expert”, Bill Beament ought to know better.
Going ahead nonetheless
Mineral Resources drew slack from proxy advisers in 2016 for appointment Peter Wade, a former Managing Director as Chairman.
Fortescue Metals Group also pulled off something similar when they appointed Andrew Forrest as Chairman from Chief Executive.
Knowing that the appointments drew criticism and slack from proxy advisers, Northern Star still continued to appoint Mr Beament as their Executive Chairman.
Bill Beament defended himself by saying: “That transition has worked extremely well and I know executive chairs aren’t the favourites with the proxy advisers but what I can say is it gives you the breath of fresh air and the time to think where your business is going to be in three, five and 10 years.”
In short, what he’s trying to say is: “I’ll do what I want. I know better. Deal with it.”
But this isn’t the first time Northern Star have had to defend themselves from shareholders’ concerns.
Bill Beament Defends vs. Retail Shareholders
Towards the end of last year Executive Chairman Bill Beament defended the gold miner’s decision not to offer shares to its retail shareholders in a recent capital raising to help fund its $347 million Pogo acquisition in Alaska.
Mr Beament replied by saying all shareholders had enjoyed a 17 per cent share price gain immediately after the announcement, which was very rare in the circumstances.
Again, displaying the kind of rogue tactics which puts Bill and Northern Star’s interests ahead of everyone else. Questions should be asked about Northern Star and Bill Beament’s strategies and techniques as they continue to steamroll their way to the top.